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# Not so
They also take in the history of the individual. Anyway the way I see it is you need insurance to drive a car and you can buy to have insurance really cheaply but in effect get basically no cover for damage or accident.
PRetty much it's a licence for insurance companies to print money.
(I helped save b3ta! riverghost servicing your mum since, Tue 1 Mar 2011, 14:53, archived)
# I'm not defending them;
they are rip-off merchants. but so are the general public, it is chicken/egg. My friend works in car insurance and nearly every claim that now comes in for men under 25 says there were 5 people in the car and they all have whiplash.
(I helped save b3ta! TheSundaeLunch I'm a fucking shrub, alright?, Tue 1 Mar 2011, 14:58, archived)
# It's kind of anti-gambling.
I work in insurance software. There can be up to 20 or so factors that are used in calculating a motor insurance quote. The rates used are based on the statistical findings for that particular category, e.g. postcode, mileage, engine size, where you keep your car, etc.

Think of the history of the individual as kind of a trump card...

But yeah, just like a casino or a bookmaker, if the underwriters have done their job properly the insurance company will always win.
(I helped save b3ta! Barbarossa is not my real name, Tue 1 Mar 2011, 15:02, archived)
# Well they always sorta win.
They don't have you pay out. It's in the own interest to pay out a little as possible.
I'm guessing there a formula somewhere which works out the lowest payout level to the least number of paying customers lost.
Additionally if you write insurance softerware, are you a merekat?
(I helped save b3ta! riverghost servicing your mum since, Tue 1 Mar 2011, 15:14, archived)
# Sometimes I feel like a meerkat.
(I helped save b3ta! Barbarossa is not my real name, Tue 1 Mar 2011, 15:15, archived)